Adani Green Energy To Get $1.12 Bln Investment From Promoters

Adani Green Energy Ltd. (AGEL) said it will get an investment of 9,350 crore rupees ($1.12 billion) from its promoters.

Adani Green’s board approved issuing warrants worth 9,350 crore rupees ($1.12 billion) to the promoter group at 1,480.75 rupees each on a preferential basis, the renewable energy company said in a stock exchange announcement.

“With the funds infusion, AGEL remains favorably positioned to achieve its accelerated growth trajectory,” Adani Group Chairman Gautam Adani said.

The company said the funds will be used for deleveraging and accelerating capital expenditure to deliver 45 gigawatts capacity by 2030.

AGEL said the issuance is subject to the approval of regulatory and statutory authorities as well as the shareholders of the company at an extraordinary general meeting on 18 January.

The latest development follows successful debt raise of $1.4 billion earlier in December 2023, and takes the company’s total fundraising amount to $3 billion, according to the statement.

Note: $1 = 83.1774 Indian rupees

(Send feedback to editor@cornerofficejournal.com)